turn over, wave
飄 centers on something light and airy being moved by the wind: a banner or cloth turning over and waving, or a whirlwind spinning things around.
飄 combines 票 (likely contributing the sound) with 風 (wind), suggesting something fluttering or being blown by the wind. The exact historical development of 票 within this character is uncertain.
票 looks like a ticket or banner, and 風 is wind. Imagine a ticket caught in the wind, turning over and waving as it flutters through the air.
For ヒョウ, picture a hyō (豹, panther) leaping and turning over in the wind: hyō -> ヒョウ, and the panther's movement matches the waving, turning motion.